Endowment Plan Claim Process – A Step by Step Guide


5 min read

Are you looking to invest in an endowment policy? Do you know the claim process of an endowment plan? If not, read on the post to find the perfect guide to an endowment plan claim process.

Before getting into the claim process of an endowment plan, you should first know what is an endowment plan.

An endowment plan is a popular tool of investment that offers life coverage along with offering long-term security of your funds. It is a policy that allows guaranteed returns and serves the purpose of your financial goals.

With a new endowment plan in hand, you can achieve monetary goals like the education of your children, marriage of your children, financial security of the family, wealth accumulation over a long period of time and so on. On top of that it also allows tax  benefits and exempt your capital from tax at maturity. So, you can save tax with an endowment plan as well as you don’t have to pay tax for the money that you receive once the policy matures.

Further, since it is a long term investment, it allows the investor to preserve the money for long and pass it on to your children without any tax liability.


Visual Stories by PayBima

Let’s discuss the claim process of endowment plan:

Endowment plan Claim Process

If the insured dies during the tenure of the endowment plan, his/her family needs to file a claim so that the death benefit can be received. Here is the process to claim the death benefit.

Fill the Claim Form – The first step, of course, is to fill the form of claim that you need to submit to the insurer in a proper way with proper details. Along with the form you also need to submit some other documents to start the claim process. The claim form should be duly signed by the nominee of the policy.

Below are the other documents that are required:

  • Death Certificate should be submitted in its original and attested form
  • Original policy papers provided to the insured at the time of buying the policy should be submitted to the insurer
  • Also, documents to prove identity of the nominee are required like Aadhar card, PAN card, Passport etc. as well as passport sized photos of the nominee
  • Medical papers of the policyholder (in case the person was admitted in a hospital) like test reports, treatment papers, death or discharge summary, etc.
  • Statement of death or doctor’s certificate from the doctor treating the patient last is also required
  • Also, the nominee may required to submit some additional documents in case the insured dies because of an accident or is killed. In that case,  a copy of FIR, panchnama and autopsy reports are also needed
  • Further, the insurer might seek statements of witnesses present during the funeral or cremation .

Also Read: How To Save On The Premium Of Endowment Plans

Verification Process

Once the nominee submits the form and the other required papers, they get verified by the insurer. Once the verification is  successfully done, the claim amount is provided to the nominee.

So, now you know that it is very easy to claim an endowment policy and if you submit the right papers, you can get the claim amount in no time.

Let’s check the process of buying an endowment plan, especially to help the beginners who are unaware of the process.

Process to buy Endowment plans

An endowment plan can be bought either online or offline. If you are interested in buying an endowment plan, you must first fill the application as well as the proposal papers. Along with filling these papers, you also need to submit some documents. So, you must ensure to keep the required papers handy as they are necessarily required to purchase an endowment plan.

Documents required

Below are the various documents needed to submit to the insurer to buy an endowment plan. These documents can be submitted offline at a branch office of your insurer or online through the company portal.

  • Passport Size Photograph
  • Age proof (birth certificate)
  • Identity proof (AADHAR card, PAN card, etc)
  • Address proof (AADHAR card, Voter ID, copy of bills, etc)

Also, don’t forget to provide all the original documents to the insurer. This is because if any inconsistency is found the insurer might cancel your application.

To Conclude

Investing in a best endowment plan is definitely the perfect way to secure your future and that of your family members. However, it is equally important to check the claim settlement ratio of the insurer you are planning to buy the insurance from. This way you will get to know your insurance company and how easy or difficult it is to get a claim released. You can choose a single premium endowment plan as per your requirement and use the LIC single premium endowment plan calculator  to help you estimate the premium of your plan.

Further, make sure to read the terms and conditions of your policy papers before signing on the same to ensure 100% safety.

Also read: 10 Best endowment insurance policies in November 2022-23 | Endowment Policy or Term Insurance PolicyPure Endowment Insurance Policy – What Does Pure Endowment Plan Mean and Its Features?

Top General Insurance Companies


Found this post informational?

Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit PayBima to Buy Insurance Online.

Also, check out the PayBima’s Guide and Glossary section –



View this post on Instagram


A post shared by paybima (@paybima)

FAQs on Endowmnet Policy

What is New endowment plan?

This combination provides financial support for the family of the deceased policyholder any time before maturity and good lump sum amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs through its loan facility.

What is meant by endowment policy?

An endowment policy is a type of life insurance policy designed to pay a lump sum on maturity or on death.

Is endowment plan tax free?

An endowment plan comes with tax benefits because the payable premiums as well as the main plan benefits (sum assured and the maturity proceeds) are eligible for tax-exemption under Sections 80C and 10D of the Income Tax Act, 1961.

Other Investment Products



Aug 22, 2022
Author Bio
Author Image

PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

Related Blogs

Would love to hear from you

Share your candid feedback. Your email address won’t be published, we promise!

All fields are required

Find your suitable insurance plan

Speak to our advisor

Latest Posts

Mahindra Insurance Brokers Limited (A Mahindra Group Company) - Unit-202, A-Wing, 2nd Floor, Amiti Building, Agastya Corporate Park, Kamani Junction, LBS Marg, Kurla West, Mumbai - 400070. Tel: +91 22 66423800

Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).

Insurance is the subject matter of solicitation.

For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.

Copyright © 2024 Mahindra Insurance Brokers. All Right Reserved.

Get A Call Back
Get A Call Back